Central Land Authority24. The changed tasks of the bank were defined by Item 15 of the Resolution adopted by the Legislative Sejm on 10 July 1919. The bank was to handle funds for execution of irrigation, parceling out and settlements, grant loans for purchase of land, support the start-up activity of organizations and settlers.

It quickly turned out that a reform of the bank was required. The articles of association had to be adapted to the new tasks. In December 1919, establishment of a settlement fund was adopted the fund was at the disposal of the Central Land Authority (GUZ) − and its administration was entrusted to the bank. At the same time, MRiDP started prep- arations for handing over its future funds to the bank for management25.

The bank s new articles of association were adopted by the Council of Ministers in June 1920 but due to the war, they were adopted by the Legislative Sejm only on 10 June 1921. Polski Państwowy Bank Rolny was transformed into Państwowy Bank Rolny (PBR)26. In accordance with the new articles of association the bank s activity was to comprise two independent areas: administration of state funds supporting settlements, irrigation and agriculture, and conduct of operations on its own account. Due to Poland s very difficult currency situation, the bank did not have the right to issue mortgage bonds or bonds.

Państwowy Bank Rolny started its actual operations in 1921. At the beginning the Min- istry of Agriculture and State Assets entrusted to it the management of the agricultural

24. Państwowy Bank Rolny became part of Central Land Authority upon its establishment by virtue of the act of 22 July 1919.

25. Journal of Laws of the Republic of Poland of 1922, No. 59, Item 369.

26. M. Nowak, Państwowy Bank Rolny in the Second Republic of Poland, Kraków 1988, p. 17. W. Morawski, From the mark to the zloty, Warsaw 2008, p. 79.

SIEDZIBA POLSKIEGO BANKU ROLNEGO

HEAD OFFICE OF THE POLSKI BANK ROLNY

96 T H E H I S T O R Y O F B G Z